Tencent acquires majority share in Riot Games

The League of Legends developer Riot Games has sold the remainder of its shares to major gaming company Tencent.

Tencent owns a significant portion of Activision Blizzard in addition to 40% of Epic Games, the Gear of War developer. It also owns shares of other companies such as Miniclip, Glu Mobile and Robot Entertainment.

In a statement a spokesperson for Riot Games stated: “As a result of our continued growth and changing circumstances, we’re shifting to a new structure to recognize and reward Rioters’ contributions – and that first involves a big change to our existing equity program. As part of this effort, our majority investor, Tencent, recently purchased the remaining equity of Riot Games.”

Riot Games is an American firm which was established in 2006. Tencent was founded in 1998 and has grown to become the largest internet company in Asia and one of the largest worldwide. Its headquarters are in Shenzhen, China.